energy & power - harris williams & co.€¦ · timcoservices has been acquired by frank’s...

wwwharriswilliamscom

Investment banking services are provided by Harris Williams LLC a registered broker-dealer and member of FINRA and SIPC and Harris Williams amp Co Ltd which is authorised andregulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

ENERGY amp POWER

0

INDUSTRY UPDATE MARCH 2015

PAGE |


SUMMARY

1

CONTENTS

WHAT WErsquoRE READING

MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Andrew Spitzer | ManagingDirectoraspitzerharriswilliamscom+1 (804) 915-0174

Brian Lucas | ManagingDirectorblucasharriswilliamscom+1 (804) 932-1323

Matthew White | Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke Semple | Directorlsempleharriswilliamscom+1 (804) 915-0158

Chris Burnham | Vice Presidentcburnhamharriswilliamscom+1 (804) 915-0142

Ian Thomas | Vice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Julien Darmon | Managing Directorjdarmonharriswilliamscom+44 (0) 20 7518 8900

Jeffery Perkins | Managing Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Inspection Oilfield Services (ldquoIOSrdquo) a portfolio company of Calvert Street Capital has been acquired by LB Foster IOS is a provider of oil country tubular goods inspection services for the oil and gas industry HWampCo advised IOS and Calvert Street Capital on the transaction Source| Instapaper

J-Mac Tool has been acquired by Forum Energy Technologies J-Mac Tool is a manufacturer and provider of well service pumps and fluid ends for the upstream oil and gas industry Source| Instapaper

Recurrent Energy a subsidiary of Sharp Holdings has been acquired by Canadian Solar for approximately $265 million Recurrent is a developer of solar projects and provider of clean electricity in North America Source| Instapaper

Timco Services has been acquired by Frankrsquos International for $95 million Timco is a provider of hammer casing tubing and rental equipment and services for the oil and gas industry Source| Instapaper

Thermo Fluids a subsidiary of Nuverra Environmental Solutions has been acquired by Safety-Kleen a subsidiary of Clean Harbours Thermo Fluids is a provider of environmental and oil recycling services in the US Source| Instapaper

ENERGY amp POWER


PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Mar-14 Sep-14 Current 2014E 2015P

Energy Services and Equipment

Large Cap Service (57) (181) 95x 105x 65x 60x 82x

Equipment (54) (304) 117x 115x 67x 66x 72x

Small-Cap Service (120) (592) 102x 108x 46x 41x 66x

OCTG (114) (568) 77x 73x 47x 50x 60x

Distribution (154) (552) 93x 109x 79x 75x 87x

Logistics (145) (487) 89x 84x 56x 57x 57x

Offshore Drillers (205) (517) 73x 63x 50x 46x 52x

Land Drillers (36) (442) 62x 63x 41x 40x 56x

EampC (25) (519) 79x 67x 57x 55x 52x

Power Services and Equipment

Large Cap PSampE (21) (86) 112x 110x 104x 96x 100x

Small-Cap PSampE (00) (38) 119x 114x 114x 105x 100x

EE and Cleantech 23 (472) 136x 134x 106x 97x 114x

Industrial amp Infrastructure Services

Large Cap 06 (277) 115x 84x 60x 73x 62x

Small-Cap (133) (312) 98x 102x 79x 70x 53x

Utility Services 53 (21) 89x 87x 73x 71x 61x

Industrial Services (19) (248) 111x 97x 78x 82x 67x

Engineering Services 09 (186) 126x 108x 112x 93x 88x

TEV LTM EBITDA as of

PAGE |


The Economist writes that the golden age of natural gas has arrived however consumers are reaping the benefitsrather than investors Long-term natural gas contracts are no longer providing the cushion needed for largeinfrastructure investments and buyers are taking advantage of the weak market driving price concessionsThe Economist | Instapaper

2

OIL amp GAS | THE PROMISED AGE OF NATURAL GAS

ENERGY amp POWER


A summary of interesting industry articles we have come across in the past month

Wood Mackenzie reports that just as shale extraction technologies took oil and gas markets by storm solartechnologies also hold the potential to turn the energy industry on its head Over the last few years costs associatedwith constructing solar plants have fallen significantly and photovoltaic cell efficiency has increased dramaticallyWood Mackenzie | Instapaper

SOLAR| IS SOLAR THE NEXT SHALE

MARCH MADNESS | 2015 MARCH MADNESS PREDICTIONS

Greentech Media writes that although trillions of dollars have been invested in optimizing energy technology such asdrill bits irrigation systems and solar panels the industry has experienced significant underinvestment in associatedsoftware improvementsGreentech Media | Instapaper

ENERGY| OPEX IS THE NEW CAPEX

The Wall Street Journal writes that although there are problems with oil gas and coal their benefits for people as wellas the planet are beyond dispute The article suggests that for decades to come we will continue to rely heavily onthe fossil fuels that have contributed to the worldrsquos prosperity and progressThe Wall Street Journal | Instapaper

OIL amp GAS | FOSSIL FUELS WILL SAVE THE WORLD

Mother Jones states that 2014 was solarrsquos biggest year ever with 30 percent more photovoltaic installations than in2013 Even though solar still accounts for a small share of US electricity generation last year it added nearly as manynew megawatts to the grid as natural gasMother Jones | Instapaper

SOLAR | BIGGEST SOLAR YEAR EVER

UtilityDive reports that SolarCity the nationrsquos largest solar panel installer will offer a microgrid product to enhanceelectricity reliability This service combines the installerrsquos solar panels with its expertise in grid interconnection energystorage and controlling softwareUtilityDive | Instapaper

UTILITIES | SOLARCITY OFFERS NEW MICROGRID SERVICE

Bloomberg reports that the oil industry is looking at about 50000 existing wells in the US that may be candidates for asecond wave of fracking through the use of techniques that didnrsquot exist when they were first drilled New wells cancost as much as $8 million while re-fracking a previously drilled well costs about $2 millionBloomberg | Instapaper

OIL amp GAS | SECOND CRACK AT FRACKING

FiveThirtyEight has calculated the chance of each men and womenrsquos team reaching each round of the NCAAtournament The model takes into account a composite of power rankings pre-season rankings player data andother informationFiveThirtyEight

PAGE |

MampA TRANSACTIONS

3

RECENT MampA TRANSACTIONS12

ENERGY amp POWER


Date Target Business Description Acquirer

3192015 IBA Holdings US based provider of consulting and inspection serv ices for new

construction and existing buildings

Cortec Group

3192015 UtilX Corporation Provider of power cable life-extension technologies worldwide Novinium

3172015 Pelagic Tank US based manufacturer and supplier of pressurized steel vessels for the

oil industry

Legacy Measurement

Solutions

3132015 Inspection Oilfield Serv ices US based provider of of oil country tubular goods inspection and repair

serv ices to the oil and gas industry

LB Foster

3122015 BDI Insulation US based distributor and installer of home and commercial insulation

products

Installed Building Products

3112015 Timco Serv ices US based provider of hammer casing and tubing serv ices as well as

rental equipment for the oil and gas industry

Franks International

2272015 FWT US based manufacturer of utility transmission and distribution equipment

in North America

Sabre Industries

2202015 AmGulf Fabrication US based manufacturer and fabricator of products for industrial and oil

and gas industries in North America

Suretank Group

2182015 Cascade Drilling US based provider of drilling serv ices for environmental geotechnical

mining and construction projects in North America

Snow Phipps

2172015 Global Power Equipment

Group

US based manufacturer and assembler of power equipment centers for

low and medium voltage switchgear in the US

Koontz-Wagner Custom

Controls

292015 Aevenia US based provider of energy and electrical construction serv ices in the

US

Primoris Serv ices

Corporation

242015 Thermo Fluids Inc US based provider of environmental and oil recycling serv ices in the

US

Safety-Kleen Inc

232015 J-Mac Tool US based manufacturer and provider of well serv ice pumps and fluid

ends for the upstream oil and gas industry

Forum Energy Technologies

232015 Greenberry Industrial US based provider of installation fabrication and maintenance serv ices

for industrial projects in North America

NAES Corporation

232015 Verengo Solar Northeast

Operations

US based provider of solar installation and maintenance serv ices in

North America

NRG Energy

232015 Big O Refuse US based provider of recycling and waste collection serv ices for

residential commercial and industrial customers

Waste Management

222015 Recurrent Energy Inc US based developer of solar projects and provider of clean electricity

in North America

Canadian Solar

222015 CampC Technologies US based provider of surveying and mapping serv ices for the land and

offshore oil and gas industry

Oceaneering International

PAGE |

PUBLIC MARKETS

4

ENERGY amp POWER


Energy Equipment and Services

TEV LTM EBITDA TEV 2014E EBITDA

AVERAGE REVENUE GROWTH (2011 ndash 2013) AVERAGE REVENUE GROWTH (2013 ndash 2015P)

AVERAGE EBITDA MARGIN (2011 ndash 2013) AVERAGE EBITDA MARGIN (2013 ndash 2015P)

41x

46x

47x

50x

56x

57x

65x

67x

79x

Land Drillers

Small Cap Service

OCTG

Offshore Drillers

Logistics

EampC

Large Cap Service

Equipment

Distribution

21

52

70

87

107

113

185

201

329

OCTG

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

(80)

(59)

(54)

(34)

(23)

(13)

(08)

(02)

28

OCTG

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

EampC

Small Cap Service

Logistics

40x

41x

46x

50x

55x

57x

60x

66x

75x

Land Drillers

Small Cap Service

Offshore Drillers

OCTG

EampC

Logistics

Large Cap Service

Equipment

Distribution

67

115

189

205

208

229

319

338

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

63

101

178

183

203

204

305

335

413

Distribution

EampC

Small Cap Service

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER


Power Equipment and Services



AVERAGE EBITDA MARGIN (2011 ndash 2013) AVERAGE EBITDA MARGIN (2013 ndash 2015E)

96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER


Infrastructure Services




60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)

TRAILING TWELVE MONTHS

Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915

Natural Gas (NYMEX^NG) Crude Oil (NYMEX^CL) Coal (NYMEX^QL)

Price Change From

Current Prior Month Prior Year Prior Month Prior Year

Natural Gas ($ per MMBtu) $283 $288 $446 (16) (365)

Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER


US RIG COUNTS INTERNATIONAL RIG COUNTS

Rig Counts3

INTERNATIONAL RIG COUNT BY COUNTRY

US OIL VS GAS RIG COUNT

US HORIZONTALDIRECTIONAL VS VERTICAL RIG COUNT

0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Horizontal Directional

Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER


US OIL RIG COUNT BY REGION US GAS RIG COUNT BY REGION

Rig Counts3

cont

YTD CHANGE IN US OIL RIG COUNT BY REGION YTD CHANGE IN US GAS RIG COUNT BY REGION

186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |

INDUSTRY STATISTICS CONT

10

ENERGY amp POWER


US LAND WELLS US LAND WELLS PER RIG

Well Counts3

WELL COUNT CHANGE FROM PRIOR QUARTER WELL COUNT CHANGE FROM PRIOR YEAR

18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP

Harris Williams amp Co is a leading advisor to the energy and power MampA market Our Energy amp Power Group hasexperience across a broad range of sectors including services products and technologies that support or enhanceenergy and power infrastructure

ENERGY amp POWER


SELECT RELEVANT EXPERIENCE

Oil amp Gas Equipment and Services

Coal Products and Services

Energy

Power Products and Technology

Electric and Natural Gas Transmission and Distribution

Energy Efficiency and Clean Technology

Renewable Energy Services and Equipment

Power SELECT RELEVANT EXPERIENCE

Industrial and Infrastructure Services

Engineering and Construction

Environmental Services

Infrastructure SELECT RELEVANT EXPERIENCE

a portfolio company of

has been acquired by





a subsidiary of





Tanglewood Investments Inc







11





amp



Energy amp Power

IndustrialsHealthcare amp Life Sciences

Transportation amp Logistics

Aerospace Defense amp Government

Services

Business Services

Building Products amp Materials

Technology Media amp Telecom

Specialty Distribution

Consumer

PAGE |

HARRIS WILLIAMS amp CO OFFICE LOCATIONS

UNITED STATES EUROPE

BostonTwo International Place24th FloorBoston Massachusetts 02110Phone +1 (617) 482-7501Fax +1 (617) 482-7503

Cleveland1900 East 9th Street20th FloorCleveland Ohio 44114Phone +1 (216) 689-2400Fax +1 (216) 689-2401

Minneapolis222 South 9th StreetSuite 3350Minneapolis Minnesota 55402Phone +1 (612) 359-2700Fax +1 (612) 359-2701

Philadelphia1600 Market Street21st FloorPhiladelphia Pennsylvania 19103Phone +1 (267) 675-5900Fax +1 (267) 675-5901

Richmond (US Headquarters)1001 Haxall Point9th FloorRichmond Virginia 23219Phone +1 (804) 648-0072Fax +1 (804) 648-0073

San Francisco575 Market Street31st FloorSan Francisco California 94105 USAPhone +1 (415) 288-4260Fax +1 (415) 288-4269

FrankfurtBockenheimer Landstrasse 33-3560325 FrankfurtGermanyPhone +49 069 3650638 00Fax +49 069 3650638 01

London63 Brook StreetLondon W1K 4HS EnglandPhone +44 (0) 20 7518 8900Fax +44 (0) 20 7526 2187

NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power

Harris Williams amp Co has a broad range of industry expertise which creates powerful opportunitiesOur clients benefit from our deep-sector experience integrated industry intelligence andcollaboration across the firm and our commitment to learning what makes them unique For moreinformation visit our website at wwwharriswilliamscomindustries

OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance

Stock Price Change from 52-Week TEV EBITDA EBITDA

TEV Mar-15 Feb-15 Prior Month Prior Year High of High Mar-14 Sep-14 Current 2014E 2015P


Large Cap Service

Schlumberger Limited $110922 $8205 $8838 (72) (93) $11876 691 101x 112x 82x 81x 101x

Halliburton Company 40862 4159 4419 (59) (269) 7433 560 89x 97x 55x 57x 78x

Baker Hughes Incorporated 28900 6076 6431 (55) (17) 7564 803 83x 81x 61x 62x 81x

Weatherford International plc 16255 1179 1217 (31) (294) 2488 474 103x 124x 69x 54x 82x

Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment

National Oilwell Varco Inc $19629 $4859 $5336 (89) (346) $8655 561 80x 77x 45x 43x 62x

Cameron International Corporation 11002 4469 4745 (58) (291) 7489 597 116x 111x 67x 68x 81x

FMC Technologies Inc 9262 3703 4105 (98) (278) 6392 579 133x 121x 71x 72x 72x

Dresser-Rand Group Inc 7085 8060 8121 (08) 437 8295 972 119x 153x 169x 157x 141x

Oceaneering International Inc 5580 5280 5047 46 (259) 7905 668 102x 89x 65x 65x 65x

Dril-Quip Inc 2370 6882 7337 (62) (334) 11653 591 151x 123x 81x 78x 77x

Oil States International Inc 2137 3978 4183 (49) (592) 10805 368 152x 44x 49x 47x 63x

Forum Energy Technologies Inc 2086 1928 1870 31 (316) 3703 521 116x 120x 68x 60x 72x

Median (54) (304) 585 117x 115x 67x 66x 72x

Mid and Small-Cap Service

Superior Energy Services Inc $4350 $2066 $2172 (49) (269) $3705 558 52x 65x 40x 36x 42x

US Silica Holdings Inc 1771 3012 2982 10 (185) 7343 410 144x 235x 87x 72x 71x

Ensign Energy Services Inc 1729 755 842 (104) (489) 1390 543 61x 57x 37x 38x 66x

Trican Well Service Ltd 989 292 408 (284) (752) 1425 205 137x 177x 62x 43x 71x

Calfrac Well Services Ltd 1148 664 748 (113) (588) 1768 375 117x 107x 44x 38x 67x

CampJ Energy Services Inc 969 1133 1298 (127) (595) 3493 324 88x 108x 42x 40x 52x

Basic Energy Services Inc 1109 615 728 (155) (757) 2984 206 80x 68x 38x 35x 49x

Key Energy Services Inc 994 177 214 (173) (791) 1052 168 76x 74x 58x 64x 63x

CARBO Ceramics Inc 758 3255 4035 (193) (741) 15600 209 163x 125x 48x 48x 157x

TETRA Technologies Inc 1728 560 509 100 (539) 1343 417 140x 140x 190x 117x 71x

Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x

Vallourec SA 4973 2220 2597 (145) (568) 4605 482 77x 71x 47x 50x 64x

OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution

MRC Global Inc $2622 $1169 $1324 (117) (552) $2967 394 93x 109x 67x 60x 72x

NOW Inc 2024 2073 2564 (191) NM 3765 551 NM NM 90x 90x 101x

Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |

PUBLIC COMPARABLES CONT

14

ENERGY amp POWER


Revenue Revenue Growth EBITDA EBITDA Margin Avg Margin

2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service

Schlumberger Limited $36579 $41731 $45266 $48547 $41768 112 (39) $9633 $10935 $12224 $13709 $10723 263 262 270 282 257 265 270

Halliburton Company 24829 28503 29402 32829 27308 88 (36) 6096 6087 6038 7134 5215 246 214 205 217 191 221 205

Baker Hughes Incorporated 19831 21361 22364 24271 20515 62 (42) 4236 3823 3647 4635 3590 214 179 163 191 175 185 176

Weatherford International plc 12988 15215 15263 15076 11849 84 (119) 2443 2445 2054 3013 1963 188 161 135 200 166 161 167

Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment

National Oilwell Varco Inc $14658 $20041 $22869 $21472 $17422 249 (127) $3492 $4185 $4178 $4566 $3159 238 209 183 213 181 210 192

Cameron International Corporation 6959 8502 9838 10586 8936 189 (47) 1119 1317 1460 1638 1356 161 155 148 155 152 155 152

FMC Technologies Inc 5099 6151 7126 7874 7809 182 47 670 794 986 1291 1282 131 129 138 164 164 133 156

Dresser-Rand Group Inc 2312 2736 3033 2969 3125 145 15 354 427 453 447 502 153 156 149 151 161 153 154

Oceaneering International Inc 2193 2783 3287 3698 3770 224 71 486 605 747 858 846 222 217 227 232 225 222 228

Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312

Oil States International Inc 2104 2631 2670 1812 1637 126 (217) 634 842 790 442 340 301 320 296 244 208 306 249

Forum Energy Technologies Inc 1128 1415 1525 1762 1561 163 12 216 290 267 347 279 192 205 175 197 179 190 183

Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203


Superior Energy Services Inc $1964 $4568 $4612 $4561 $4061 532 (62) $554 $1250 $1076 $1216 $1006 282 274 233 267 248 263 249

US Silica Holdings Inc 296 442 546 869 924 359 301 79 141 153 247 237 268 320 280 284 256 289 274

Ensign Energy Services Inc 1860 2204 1975 2003 1415 31 (154) 483 566 455 454 257 260 257 231 227 182 249 213

Trican Well Service Ltd 2272 2221 1991 2319 1824 (64) (43) 606 243 156 228 120 267 109 78 99 66 151 81

Calfrac Well Services Ltd 1512 1600 1472 2084 1620 (13) 49 406 258 177 303 159 269 161 120 145 98 183 121

CampJ Energy Services Inc 758 1112 1070 1575 1354 188 125 285 336 189 245 156 376 302 177 156 115 285 149

Basic Energy Services Inc 1243 1375 1263 1484 1231 08 (13) 333 297 231 319 229 268 216 183 215 186 222 195

Key Energy Services Inc 1729 1960 1592 1424 1267 (41) (108) 420 421 269 163 148 243 215 169 114 117 209 133

CARBO Ceramics Inc 626 646 667 636 335 33 (291) 235 204 172 160 42 376 316 258 252 124 317 211

TETRA Technologies Inc 845 881 909 1077 1248 37 171 103 123 91 150 265 122 139 100 140 212 120 151

Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x

Tidewater Inc 2504 2313 3001 (229) (502) 5698 406 89x 85x 55x 59x 56x

Bristow Group Inc 2720 5801 6171 (60) (231) 8160 711 114x 107x 88x 85x 73x

Hornbeck Offshore Services Inc 1610 2030 2045 (07) (487) 4745 428 80x 84x 57x 55x 53x

Civeo Corporation 782 250 387 (354) NM 2840 88 NM NM 21x 24x 53x

Gulfmark Offshore Inc 842 1387 1925 (279) (694) 4682 296 104x 78x 44x 50x 57x

Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers

Transocean Ltd $13300 $1525 $1905 (199) (611) 4612 331 62x 54x 35x 36x 51x

Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x

Noble Corporation plc 8985 1431 1854 (228) (517) 3465 413 115x 58x 50x 44x 57x

Diamond Offshore Drilling Inc 5834 2799 3521 (205) (374) 5537 506 56x 63x 53x 54x 53x

Rowan Companies plc 4849 1911 2395 (202) (401) 3378 566 83x 92x 81x 70x 52x

Atwood Oceanics Inc 3527 2941 3375 (129) (368) 5390 546 79x 79x 57x 65x 48x

Hercules Offshore Inc 1084 050 092 (454) (889) 505 99 63x 44x 34x 46x 172x

Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers

Nabors Industries Ltd $7574 $1294 $1273 16 (442) 3024 428 62x 63x 43x 43x 48x

Helmerich amp Payne Inc 7062 6694 6958 (38) (347) 11895 563 74x 72x 72x 45x 59x

Patterson-UTI Energy Inc 3634 1838 1814 13 (401) 3843 478 58x 58x 41x 37x 63x

Precision Drilling Corporation 2769 581 603 (36) (466) 1226 474 72x 67x 41x 40x 56x

Pioneer Energy Services Corp 738 497 574 (134) (597) 1840 270 53x 57x 29x 28x 40x

Median (36) (442) 474 62x 63x 41x 40x 56x

Engineering amp Construction

Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x

Petrofac Limited 6026 1293 1231 50 (434) 2180 593 84x 71x 62x 64x 64x

Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x

McDermott International Inc 1086 341 277 231 (577) 845 404 NM NM NM NM NM

Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290

Bristow Group Inc 1115 1199 1344 1660 1894 98 187 247 263 293 326 340 221 220 218 196 180 220 198

Hornbeck Offshore Services Inc 331 463 548 639 696 287 127 121 192 255 292 319 365 414 466 457 459 415 461

Civeo Corporation 865 1109 1041 929 546 97 (276) 353 492 427 321 148 408 444 410 346 270 421 342

Gulfmark Offshore Inc 382 389 455 495 476 91 23 138 103 159 171 152 361 265 349 345 319 325 338

Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478

Noble Corporation plc 2616 3431 4122 4135 3144 255 (127) 1128 1537 1980 2022 1565 431 448 480 489 498 453 489

Diamond Offshore Drilling Inc 3254 2936 2844 2816 2679 (65) (29) 1649 1337 1186 1100 1119 507 455 417 391 418 460 408

Rowan Companies plc 939 1393 1579 1797 2221 297 186 364 515 587 695 937 387 370 372 387 422 376 394

Atwood Oceanics Inc 637 756 1018 1172 1384 264 166 377 390 548 539 729 592 517 538 460 527 549 508

Hercules Offshore Inc 575 618 858 899 597 222 (166) 155 172 293 237 57 269 278 341 264 96 296 234

Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers

Nabors Industries Ltd $6013 $6843 $6152 $6838 $5916 11 (19) $1841 $1966 $1680 $1779 $1586 306 287 273 260 268 289 267

Helmerich amp Payne Inc 2529 3138 3374 3711 3147 155 (34) 1004 1278 1400 1568 1176 397 407 415 422 374 406 404

Patterson-UTI Energy Inc 2566 2723 2716 3168 2291 29 (82) 958 990 916 988 565 373 364 337 312 247 358 299

Precision Drilling Corporation 1919 2047 1911 2030 1555 (02) (98) 569 478 600 685 480 297 234 314 337 309 281 320

Pioneer Energy Services Corp 716 919 960 1037 894 158 (35) 191 248 236 260 182 266 269 246 251 203 261 233

Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108

Petrofac Limited 5801 6240 6329 6649 7655 45 100 759 842 1014 940 950 131 135 160 141 124 142 142

Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172

McDermott International Inc 3445 3642 2659 2211 2785 (121) 23 335 422 (259) 31 153 97 116 (97) 14 55 39 (10)

Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance




Large Cap Equipment and Services

General Electric Company $615869 $2564 $2515 19 (00) $2753 931 205x 223x 210x 249x 231x

Siemens Aktiengesellschaft 105678 11150 10903 23 (154) 11316 985 118x 111x 110x 86x 94x

Honeywell International Inc 81017 10384 10438 (05) 108 10539 985 115x 112x 120x 105x 100x

ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x

Schneider Electric SE 50520 7835 7929 (12) (107) 7964 984 110x 110x 98x 107x 104x

Emerson Electric Co 42600 5678 5868 (32) (111) 6994 812 101x 101x 85x 85x 87x

Eaton Corporation plc 40105 6852 7255 (56) (66) 7998 857 130x 117x 112x 112x 107x

Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x

Mid and Small-Cap Equipment and Services

Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x

Hubbell Inc 6301 11000 11541 (47) (79) 12729 864 120x 124x 106x 107x 105x

Valmont Industries Inc 3450 12467 12424 03 (158) 16323 764 69x 72x 70x 78x 78x

Littelfuse Inc 2134 9846 9858 (01) 65 10308 955 119x 112x 121x 114x 111x

AZZ incorporated 1489 4488 4486 00 05 4909 914 103x 101x 95x 101x 95x

ESCO Technologies Inc 1033 3873 3716 42 63 3973 975 139x 115x 126x 124x 114x

Thermon Group Holdings Inc 770 2336 2377 (17) (73) 2831 825 123x 116x 93x 103x 91x

Badger Meter Inc 917 5863 6009 (24) 88 6135 956 159x 129x 152x 153x 132x

Powell Industries Inc 356 3395 3341 16 (501) 6814 498 119x 89x 123x 95x 95x

Global Power Equipment Group Inc 260 1301 1349 (36) (341) 2004 649 119x 88x 72x 96x 86x

Median (00) (38) 889 119x 114x 114x 105x 100x


SolarCity Corporation $6356 $5021 $5760 (128) NA $8093 620 NM NM NM NM NM

Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x

OPOWER Inc 431 1095 NM NM NM 2600 421 NM NM NM NM NM

Ameresco Inc 476 695 605 149 (76) 898 774 175x 170x 153x 125x 114x

EnerNOC Inc 190 1111 1824 (391) (472) 2435 456 96x 95x 37x 26x 37x

Silver Spring Networks Inc 367 986 915 78 NA 1785 552 NM NM NM NM 272x

PowerSecure International Inc 261 1218 1029 184 (516) 2563 475 247x 256x NM NM 119x

Echelon Corporation 23 110 116 (52) (651) 328 335 NM NM NM NM NM

Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P



General Electric Company $94522 $100149 $100542 $148628 $152669 31 232 $27846 $29338 $29171 $23231 $26967 295 293 290 156 177 293 208

Siemens Aktiengesellschaft 97527 99396 99404 92463 85169 10 (74) 13405 11457 9984 12298 11385 137 115 100 133 134 118 122

Honeywell International Inc 36529 37665 39055 40205 40880 34 23 3531 5082 6490 7763 8152 97 135 166 193 199 133 186

ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140

Schneider Electric SE 29029 31572 32433 30008 29644 57 (44) 4656 5186 5199 4701 4817 160 164 160 157 162 162 160

Emerson Electric Co 24222 24412 24669 24551 23747 09 (19) 4797 4751 4766 4841 4838 198 195 193 197 204 195 198

Eaton Corporation plc 16049 16311 22046 22573 22507 172 10 2203 2350 3307 3582 3759 137 144 150 159 167 144 159

Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175

Valmont Industries Inc 2661 3030 3304 3140 3187 114 (18) 342 451 563 446 446 128 149 170 142 140 149 151

Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221

AZZ incorporated 381 469 571 763 835 224 210 85 98 129 147 157 223 210 226 193 188 220 202

ESCO Technologies Inc 451 479 490 526 542 43 52 62 65 73 83 88 138 135 149 158 163 141 156

Thermon Group Holdings Inc 241 272 284 284 304 85 35 53 58 71 74 85 219 214 248 262 278 227 263

Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168

Powell Industries Inc 562 691 641 635 652 67 08 28 60 60 36 37 50 87 93 57 57 77 69

Global Power Equipment Group Inc 457 463 484 537 565 30 80 29 29 29 28 31 63 62 60 53 54 62 56

Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172


SolarCity Corporation $60 $127 $164 $254 $470 659 694 ($49) ($70) ($106) ($220) ($246) (821) (553) (650) (866) (523) (675) (679)

Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149

Silver Spring Networks Inc 237 197 327 282 280 174 (75) (87) (82) (35) (18) 10 (369) (415) (108) (64) 35 (297) (46)

PowerSecure International Inc 130 162 270 245 342 442 126 2 9 22 0 23 18 58 80 00 66 52 49

Echelon Corporation 156 134 86 51 41 (258) (313) (5) (3) (6) (20) (6) (34) (26) (72) (398) (141) (44) (204)

Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance




Large Cap Infrastructure Services

Fluor Corporation $7627 $5828 $5778 09 (242) $8077 722 75x 70x 56x 56x 53x

Chicago Bridge amp Iron Company NV 6768 4642 3869 200 (465) 8922 520 117x 84x 60x 57x 51x

SNC-Lavalin Group Inc 4348 3169 3549 (107) (252) 4672 678 204x 113x 56x 73x 73x

Jacobs Engineering Group Inc 5842 4463 4327 31 (303) 6558 681 113x 94x 73x 74x 71x

The Babcock amp Wilcox Company 3200 2998 2988 03 (106) 3600 833 58x 60x 62x 98x 72x

KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x

Mid and Small-Cap Infrastructure Services

Amec Foster Wheeler plc $5282 $1369 $1338 23 (234) $1868 732 97x 98x 102x 102x 70x

Tutor Perini Corporation 1821 2242 2606 (140) (245) 3251 690 79x 72x 60x 62x 53x

Primoris Services Corporation 966 1729 2190 (211) (443) 3147 549 92x 85x 52x 51x 45x

Aecon Group Inc 722 860 952 (97) (439) 1469 585 100x 117x 73x 49x 42x

Granite Construction Incorporated 1120 3283 3702 (113) (161) 4055 810 222x 147x 120x 84x 57x

Willbros Group Inc 333 269 669 (598) (762) 1369 196 105x 106x 48x 49x 33x

Great Lakes Dredge amp Dock Corporation 644 588 758 (224) (357) 927 634 96x 84x 85x 91x 54x

Orion Marine Group Inc 249 910 1042 (127) (267) 1350 674 144x 128x 84x 79x 55x

Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services

Quanta Services Inc $5797 $2839 $2876 (13) (215) $3749 757 107x 113x 82x 76x 61x

MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x

Dycom Industries Inc 1950 4512 3784 192 400 4710 958 82x 87x 108x 106x 92x

MYR Group Inc 539 2969 2652 120 172 2990 993 53x 53x 63x 66x 61x

Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services

Bilfinger SE $2607 $5610 $6368 (119) (550) $9885 568 84x 53x 62x 65x 54x

EMCOR Group Inc 2767 4525 4370 35 (13) 4800 943 98x 86x 78x 76x 67x

Aegion Corporation 881 1802 1713 52 (259) 2564 703 108x 98x 72x 82x 63x

Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x

Mistras Group Inc 677 1821 1995 (87) (213) 2548 715 120x 116x 105x 97x 86x

Matrix Service Company 411 1778 1992 (107) (480) 3871 459 141x 78x 66x 53x 61x

Furmanite Corporation 314 751 765 (18) (248) 1200 626 111x 97x 103x 98x 74x

Median (19) (248) 703 111x 97x 78x 82x 67x

Engineering Services

AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x

Stantec Inc 2424 2479 2620 (54) (191) 2988 830 126x 133x 100x 93x 88x

WSP Global Inc 2982 3125 3007 39 (26) 3139 996 135x 146x 193x 138x 91x

Tetra Tech Inc 1632 2479 2458 09 (186) 3059 810 156x 85x 112x 78x 80x

RPS Group plc 864 350 382 (83) (342) 495 708 97x 84x 67x 70x 66x

Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P



Fluor Corporation $23381 $27577 $27352 $21831 $24863 82 (47) $1187 $946 $1397 $1398 $1475 51 34 51 64 59 45 58

Chicago Bridge amp Iron Company NV 4551 5485 11095 13046 14779 561 154 416 517 934 1187 1350 91 94 84 91 91 90 89

SNC-Lavalin Group Inc 6599 7550 6730 6862 7539 10 58 724 662 452 697 610 110 88 67 102 81 88 83

Jacobs Engineering Group Inc 10382 10894 11818 12798 12978 67 48 628 695 766 788 823 61 64 65 62 63 63 63

The Babcock amp Wilcox Company 2952 3291 3269 2868 3137 52 (20) 87 351 579 343 445 29 107 177 120 142 104 146

KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79


Amec Foster Wheeler plc $4877 $6644 $6583 $6190 $9120 162 177 $456 $509 $527 $540 $798 94 77 80 87 87 83 85

Tutor Perini Corporation 3716 4111 4176 4576 5067 60 102 214 214 260 293 347 57 52 62 64 69 57 65

Primoris Services Corporation 1460 1542 1944 2224 2465 154 126 133 129 177 191 220 91 84 91 86 89 89 89

Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59

Granite Construction Incorporated 2010 2083 2267 2386 2709 62 93 146 110 61 129 190 73 53 27 54 70 51 50

Willbros Group Inc 1376 1929 2019 2100 1888 211 (33) 37 69 76 66 103 27 36 38 31 55 34 41

Great Lakes Dredge amp Dock Corporation 520 588 731 796 978 186 156 79 70 79 72 121 152 119 108 91 124 126 107

Orion Marine Group Inc 260 292 355 386 434 168 106 3 7 21 31 44 11 25 60 81 102 32 81

Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services

Quanta Services Inc $4194 $5920 $6523 $7799 $8602 247 148 $334 $623 $689 $778 $969 80 105 106 100 113 97 106

MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97

Dycom Industries Inc 1036 1201 1609 1817 1911 246 90 105 128 173 188 214 102 107 108 103 112 105 108

MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54

Aegion Corporation 926 1017 1091 1322 1382 86 125 88 113 109 101 138 95 111 100 76 100 102 92

Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106

Mistras Group Inc 339 437 529 610 740 250 183 48 60 61 70 80 142 137 116 115 108 132 113

Matrix Service Company 627 739 893 1273 1429 193 265 42 43 50 78 65 67 58 56 62 45 60 54

Furmanite Corporation 316 326 427 538 581 162 167 30 22 36 32 42 95 67 85 60 73 82 72

Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes

Harris Williams amp Co (wwwharriswilliamscom) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide The firm has deep industry knowledge global transaction expertise and an unwavering commitment to excellence Harris Williams amp Co provides sell-side and acquisition advisory restructuring advisory board advisory private placements and capital markets advisory services

Investment banking services are provided by Harris Williams LLC a registered broker-dealer and member of FINRA and SIPC and Harris Williams amp Co Ltd which is authorised and regulated by the Financial Conduct Authority Harris Williams amp Co is a trade name under which Harris Williams LLC and Harris Williams amp Co Ltd conduct business

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF THE SECURITIES FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES PLEASE CONTACT US AT THE ABOVE ADDRESSES OR NUMBERS

The information and views contained in this report were prepared by Harris Williams amp Co (ldquoHarris Williamsrdquo) It is not a research report as such term is defined by applicable law and regulations and is provided for informational purposes only It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information Harris Williams andor its affiliates may be market makers or specialists in act as advisers or lenders to have positions in and effect transactions in securities of companies mentioned herein and also may provide may have provided or may seek to provide investment banking services for those companies In addition Harris Williams andor its affiliates or their respective officers directors and employees may hold long or short positions in the securities options thereon or other related financial products of companies discussed herein Opinions estimates and projections in this report constitute Harris Williamsrsquo judgment and are subject to change without notice The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives Also past performance is not necessarily indicative of future results No part of this material may be copied or duplicated in any form or by any means or redistributed without Harris Williamsrsquo prior written consent

Copyrightcopy 2015 Harris Williams amp Co all rights reserved

DISCLOSURES

01 - EampP Monthly Reader (315)_V3

02 - EampP Monthly Reader_Support (315)

PAGE |


SUMMARY

1

CONTENTS


MampA TRANSACTIONS

PUBLIC MARKETS INDUSTRY

PUBLIC COMPARABLES

CONTACTS

UNITED STATES

Andrew Spitzer | ManagingDirectoraspitzerharriswilliamscom+1 (804) 915-0174

Brian Lucas | ManagingDirectorblucasharriswilliamscom+1 (804) 932-1323

Matthew White | Directormwhiteharriswilliamscom+1 (804) 915-0131

Luke Semple | Directorlsempleharriswilliamscom+1 (804) 915-0158

Chris Burnham | Vice Presidentcburnhamharriswilliamscom+1 (804) 915-0142

Ian Thomas | Vice Presidentithomasharriswilliamscom+1 (804) 932-1384

EUROPE

Julien Darmon | Managing Directorjdarmonharriswilliamscom+44 (0) 20 7518 8900

Jeffery Perkins | Managing Directorjperkinsharriswilliamscom+49 (0) 69 3650638 00

MampA | SELECT RECENT ACTIVITY

Inspection Oilfield Services (ldquoIOSrdquo) a portfolio company of Calvert Street Capital has been acquired by LB Foster IOS is a provider of oil country tubular goods inspection services for the oil and gas industry HWampCo advised IOS and Calvert Street Capital on the transaction Source| Instapaper

J-Mac Tool has been acquired by Forum Energy Technologies J-Mac Tool is a manufacturer and provider of well service pumps and fluid ends for the upstream oil and gas industry Source| Instapaper

Recurrent Energy a subsidiary of Sharp Holdings has been acquired by Canadian Solar for approximately $265 million Recurrent is a developer of solar projects and provider of clean electricity in North America Source| Instapaper

Timco Services has been acquired by Frankrsquos International for $95 million Timco is a provider of hammer casing tubing and rental equipment and services for the oil and gas industry Source| Instapaper

Thermo Fluids a subsidiary of Nuverra Environmental Solutions has been acquired by Safety-Kleen a subsidiary of Clean Harbours Thermo Fluids is a provider of environmental and oil recycling services in the US Source| Instapaper

ENERGY amp POWER


PUBLIC MARKETS | KEY TRADING STATISTICS

Stock Price Change TEV EBITDA

1 Month 12 Month Mar-14 Sep-14 Current 2014E 2015P


Large Cap Service (57) (181) 95x 105x 65x 60x 82x

Equipment (54) (304) 117x 115x 67x 66x 72x

Small-Cap Service (120) (592) 102x 108x 46x 41x 66x

OCTG (114) (568) 77x 73x 47x 50x 60x

Distribution (154) (552) 93x 109x 79x 75x 87x

Logistics (145) (487) 89x 84x 56x 57x 57x

Offshore Drillers (205) (517) 73x 63x 50x 46x 52x

Land Drillers (36) (442) 62x 63x 41x 40x 56x

EampC (25) (519) 79x 67x 57x 55x 52x


Large Cap PSampE (21) (86) 112x 110x 104x 96x 100x

Small-Cap PSampE (00) (38) 119x 114x 114x 105x 100x

EE and Cleantech 23 (472) 136x 134x 106x 97x 114x

Industrial amp Infrastructure Services

Large Cap 06 (277) 115x 84x 60x 73x 62x

Small-Cap (133) (312) 98x 102x 79x 70x 53x

Utility Services 53 (21) 89x 87x 73x 71x 61x

Industrial Services (19) (248) 111x 97x 78x 82x 67x

Engineering Services 09 (186) 126x 108x 112x 93x 88x


PAGE |



2


ENERGY amp POWER

















PAGE |

MampA TRANSACTIONS

3


ENERGY amp POWER





Cortec Group



oil industry

Legacy Measurement

Solutions



LB Foster


products






in North America

Sabre Industries



Suretank Group



Snow Phipps


Group




Controls


US

Primoris Serv ices

Corporation


US

Safety-Kleen Inc






NAES Corporation


Operations


North America

NRG Energy



Waste Management


in North America

Canadian Solar




PAGE |

PUBLIC MARKETS

4

ENERGY amp POWER






41x

46x

47x

50x

56x

57x

65x

67x

79x

Land Drillers

Small Cap Service

OCTG

Offshore Drillers

Logistics

EampC

Large Cap Service

Equipment

Distribution

21

52

70

87

107

113

185

201

329

OCTG

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

(80)

(59)

(54)

(34)

(23)

(13)

(08)

(02)

28

OCTG

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

EampC

Small Cap Service

Logistics

40x

41x

46x

50x

55x

57x

60x

66x

75x

Land Drillers

Small Cap Service

Offshore Drillers

OCTG

EampC

Logistics

Large Cap Service

Equipment

Distribution

67

115

189

205

208

229

319

338

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

63

101

178

183

203

204

305

335

413

Distribution

EampC

Small Cap Service

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER






96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |



2


ENERGY amp POWER

















PAGE |

MampA TRANSACTIONS

3


ENERGY amp POWER





Cortec Group



oil industry

Legacy Measurement

Solutions



LB Foster


products






in North America

Sabre Industries



Suretank Group



Snow Phipps


Group




Controls


US

Primoris Serv ices

Corporation


US

Safety-Kleen Inc






NAES Corporation


Operations


North America

NRG Energy



Waste Management


in North America

Canadian Solar




PAGE |

PUBLIC MARKETS

4

ENERGY amp POWER






41x

46x

47x

50x

56x

57x

65x

67x

79x

Land Drillers

Small Cap Service

OCTG

Offshore Drillers

Logistics

EampC

Large Cap Service

Equipment

Distribution

21

52

70

87

107

113

185

201

329

OCTG

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

(80)

(59)

(54)

(34)

(23)

(13)

(08)

(02)

28

OCTG

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

EampC

Small Cap Service

Logistics

40x

41x

46x

50x

55x

57x

60x

66x

75x

Land Drillers

Small Cap Service

Offshore Drillers

OCTG

EampC

Logistics

Large Cap Service

Equipment

Distribution

67

115

189

205

208

229

319

338

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

63

101

178

183

203

204

305

335

413

Distribution

EampC

Small Cap Service

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER






96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

MampA TRANSACTIONS

3


ENERGY amp POWER





Cortec Group



oil industry

Legacy Measurement

Solutions



LB Foster


products






in North America

Sabre Industries



Suretank Group



Snow Phipps


Group




Controls


US

Primoris Serv ices

Corporation


US

Safety-Kleen Inc






NAES Corporation


Operations


North America

NRG Energy



Waste Management


in North America

Canadian Solar




PAGE |

PUBLIC MARKETS

4

ENERGY amp POWER






41x

46x

47x

50x

56x

57x

65x

67x

79x

Land Drillers

Small Cap Service

OCTG

Offshore Drillers

Logistics

EampC

Large Cap Service

Equipment

Distribution

21

52

70

87

107

113

185

201

329

OCTG

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

(80)

(59)

(54)

(34)

(23)

(13)

(08)

(02)

28

OCTG

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

EampC

Small Cap Service

Logistics

40x

41x

46x

50x

55x

57x

60x

66x

75x

Land Drillers

Small Cap Service

Offshore Drillers

OCTG

EampC

Logistics

Large Cap Service

Equipment

Distribution

67

115

189

205

208

229

319

338

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

63

101

178

183

203

204

305

335

413

Distribution

EampC

Small Cap Service

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER






96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

PUBLIC MARKETS

4

ENERGY amp POWER






41x

46x

47x

50x

56x

57x

65x

67x

79x

Land Drillers

Small Cap Service

OCTG

Offshore Drillers

Logistics

EampC

Large Cap Service

Equipment

Distribution

21

52

70

87

107

113

185

201

329

OCTG

EampC

Land Drillers

Large Cap Service

Small Cap Service

Logistics

Equipment

Offshore Drillers

Distribution

(80)

(59)

(54)

(34)

(23)

(13)

(08)

(02)

28

OCTG

Large Cap Services

Land Drillers

Distribution

Equipment

Offshore Drillers

EampC

Small Cap Service

Logistics

40x

41x

46x

50x

55x

57x

60x

66x

75x

Land Drillers

Small Cap Service

Offshore Drillers

OCTG

EampC

Logistics

Large Cap Service

Equipment

Distribution

67

115

189

205

208

229

319

338

424

Distribution

EampC

OCTG

Equipment

Large Cap Service

Small Cap Service

Land Drillers

Logistics

Offshore Drillers

63

101

178

183

203

204

305

335

413

Distribution

EampC

Small Cap Service

OCTG

Equipment

Large Cap Service

Land Drillers

Logistics

Offshore Drillers

PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER






96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

PUBLIC MARKETS CONT

5

ENERGY amp POWER






96x

97x

105x

Large Cap

EE and Cleantech

Mid and Small-Cap

104x

106x

114x

Large Cap

EE and Cleantech

Mid and Small-Cap

37

91

214

Large Cap

Mid and Small-Cap

EE and Cleantech

(50)

66

119

Large Cap

Mid and Small-Cap

EE and Cleantech

(134)

160

168

EE and Cleantech

Large Cap

Mid and Small-Cap

(89)

157

172

EE and Cleantech

Large Cap

Mid and Small-Cap

PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

PUBLIC MARKETS CONT

6

ENERGY amp POWER






60x

73x

78x

79x

112x

Large Cap

Utility Services

Industrial

Services

Mid and Small-

Cap

Engineering Svc

70x

71x

73x

82x

93x

Mid and Small-

Cap

Utility Services

Large Cap

Industrial

Services

Engineering Svc

64

73

83

93

102

Mid and Small-Cap

Large Cap

Industrial Services

Utility Services

Engineering Svc

72

78

79

100

106

Mid and Small-Cap

Industrial Services

Large Cap

Utility Services

Engineering Svc

110

126

141

197

201

Large Cap

Mid and Small-

Cap

Industrial Services

Engineering Svc

Utility Services

22

77

89

104

152

Large Cap

Mid and Small-

Cap

Utility Services

Industrial Services

Engineering Svc

PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

INDUSTRY STATISTICS

7

ENERGY amp POWER


(Indexed to 100)


Commodity Prices

25

50

75

100

125

150

31914 61914 91914 121914 31915


Price Change From



Crude Oil ($ per bbl) 4553 5183 9917 (122) (541)

Coal (CAPP) ($ per ton) 5300 5150 5975 29 (113)

PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

INDUSTRY STATISTICS

ENERGY amp POWER



Rig Counts3




0

500

1000

1500

2000

2500

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

Oil

Gas

0

200

400

600

800

1000

1200

1400

1600

1800

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15


Vertical

400

600

800

1000

1200

1400

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

36

45

45

102

43

79

-

87

83

130

312

272

North Sea

Africa

Europe

Asia Pacific

Middle East

Latin America

Offshore Land

8

PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

INDUSTRY STATISTICS

9

ENERGY amp POWER



Rig Counts3

cont


186

0

0

0

1

3

5

9

21

23

35

40

42

104

127

305

Others

Arkoma Woodford

Fayetteville

Marcellus

Haynesville

Barnett

Ardmore Woodford

Utica

Granite Wash

DJ-Niobrara

Gulf of Mexico

Cana Woodford

Mississippian

Williston

Eagle Ford

Permian

(50)

(80)

(61)

(50)

(43)

(42)

(42)

(42)

(32)

(28)

(17)

(17)

0

0

0

3

Others

Barnett

Utica

Haynesville

DJ-Niobrara

Williston

Mississippian

Permian

Eagle Ford

Granite Wash

Ardmore Woodford

Gulf of Mexico

Arkoma Woodford

Fayetteville

Marcellus

Cana Woodford

81

0

0

0

0

4

5

5

5

9

9

11

19

24

33

63

Others

Mississippian

Williston

Ardmore Woodford

Cana Woodford

Barnett

Arkoma Woodford

Permian

Granite Wash

Fayetteville

DJ-Niobrara

Gulf of Mexico

Eagle Ford

Utica

Haynesville

Marcellus

(16)

(100)

(78)

(56)

(50)

(29)

(18)

(13)

(8)

(8)

0

0

0

0

13

36

Others

Cana Woodford

Granite Wash

Barnett

DJ-Niobrara

Permian

Marcellus

Haynesville

Gulf of Mexico

Utica

Mississippian

Williston

Ardmore Woodford

Arkoma Woodford

Fayetteville

Eagle Ford

PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


10

ENERGY amp POWER



Well Counts3


18

(30)

(21)

(12)

(6)

(5)

(4)

1

1

5

10

11

12

22

Others

Granite Wash

Barnett

Haynesville

Mississippian

Arkoma Woodford

Williston

Eagle Ford

DJ-Niobrara

Fayetteville

Ardmore Woodford

Permian

Marcellus

Utica

Cana Woodford

229

(131)

(42)

(40)

(29)

(28)

(3)

2

4

7

8

20

28

62

374

Others

Barnett

Ardmore Woodford

Marcellus

Mississippian

Williston

Eagle Ford

Utica

Granite Wash

Arkoma Woodford

Fayetteville

Haynesville

Cana Woodford

DJ-Niobrara

Permian

9075 9083

8966

9456

9542 9544

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

47

50

51

49

50

5353

54

5253

5251

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

OUR GROUP


ENERGY amp POWER





Energy
















a subsidiary of












11





amp



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



Energy amp Power




Services

Business Services




Consumer

PAGE |











NETWORK OFFICES

Beijing

Hong Kong

Mumbai

New Delhi

Shanghai

Energy amp Power


OUR FIRM

ENERGY amp POWER


12

PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

PUBLIC COMPARABLES

13

ENERGY amp POWER


Stock Performance




Large Cap Service





Median (57) (181) 625 95x 105x 65x 60x 82x

Equipment









Median (54) (304) 585 117x 115x 67x 66x 72x












Median (120) (592) 350 102x 108x 46x 41x 66x

OCTG

Tenaris SA $15139 $1365 $1541 (114) (356) $1947 701 88x 95x 56x 57x 60x


OAO TMK 3758 312 260 200 (610) 1061 294 59x 73x 47x 44x 47x

Median (114) (568) 482 77x 73x 47x 50x 60x

Distribution



Median (154) (552) 472 93x 109x 79x 75x 87x


PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


14

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Large Cap Service





Total $94227 $106810 $112295 $120722 $101440 87 (59) $22408 $23290 $23963 $28491 $21491 238 218 213 236 212 208 204

Equipment






Dril-Quip Inc 601 733 872 923 978 204 59 157 188 253 302 313 262 256 290 327 320 269 312



Total $35054 $44993 $51221 $51097 $45237 185 (23) $7129 $8647 $9134 $9890 $8077 203 192 178 194 179 205 203












Total $13106 $17008 $16098 $18031 $15279 107 (02) $3504 $3839 $2970 $3486 $2619 267 226 184 193 171 229 178

OCTG

Tenaris SA $9972 $10834 $10597 $10273 $9463 31 (55) $2400 $2847 $2764 $2671 $2474 241 263 261 260 261 255 261

Vallourec SA 6880 7022 7682 $6682 $5571 57 (148) 1222 1088 1215 1002 762 178 155 158 150 137 164 148

OAO TMK 6754 6688 6432 $6180 $5974 (24) (36) 1017 1006 929 859 789 151 150 144 139 132 148 138

Total $23606 $24544 $24711 $23135 $21007 21 (80) $4639 $4941 $4908 $4532 $4024 197 201 199 196 192 189 183

Distribution

MRC Global Inc $4832 $5571 $5231 $5944 $5499 40 25 $262 $475 $388 $437 $362 54 85 74 74 66 71 71

NOW Inc 1641 3414 4296 $4160 $3538 618 (93) 134 180 241 225 189 82 53 56 54 53 63 55

Total $6473 $8985 $9527 $10105 $9037 329 (34) $396 $655 $629 $662 $551 61 73 66 66 61 67 63

PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


15

ENERGY amp POWER


Stock Performance




Logistics

ATCO Ltd $12120 $3799 $3786 03 (210) $4324 879 85x 83x 80x 77x 77x






Median (145) (487) 417 89x 84x 56x 57x 57x

Offshore Drillers


Ensco plc 9591 2170 3003 (277) (557) 5589 388 73x 64x 38x 40x 45x






Median (205) (517) 413 73x 63x 50x 46x 52x

Land Drillers






Median (36) (442) 474 62x 63x 41x 40x 56x


Saipem SpA $8896 $943 $989 (46) (606) 2235 422 181x 99x 61x 55x 55x

Technip SA 6929 6211 6368 (25) (357) 8885 699 72x 64x 53x 54x 48x


Subsea 7 SA 2735 844 958 (120) (519) 1528 552 73x 40x 21x 19x 26x


Median (25) (519) 552 79x 67x 57x 55x 52x


PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


16

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P


Logistics

ATCO Ltd $3926 $4025 $4103 $4175 $4053 22 (06) $1469 $1550 $1594 $1570 $1556 374 385 388 376 384 383 383

Tidewater Inc 1051 1060 1230 1426 1527 82 114 271 265 352 418 441 258 250 286 293 289 265 290





Total $7669 $8246 $8721 $9323 $9191 113 28 $2598 $2865 $3080 $3099 $2956 339 347 353 332 322 338 335

Offshore Drillers

Transocean Ltd $7407 $8773 $9070 $9036 $7572 107 (86) $2515 $3522 $3512 $3687 $2547 340 401 387 408 336 376 377

Ensco plc 2798 4301 4920 4802 4606 326 (32) 1150 2097 2348 2363 2140 411 488 477 492 465 459 478






Total $18226 $22208 $24411 $24656 $22203 201 (13) $7338 $9569 $10454 $10644 $9095 403 431 428 432 410 424 413

Land Drillers






Total $13743 $15671 $15113 $16783 $13802 70 (54) $4563 $4960 $4832 $5281 $3989 332 317 320 315 289 319 305


Saipem SpA $16360 $17304 $16878 $15606 $13151 16 (117) $2766 $2567 $949 $1622 $1598 169 148 56 104 122 125 94

Technip SA 8851 10817 12857 12762 12801 205 (02) 1093 1321 1431 1284 1425 123 122 111 101 111 119 108


Subsea 7 SA 5055 6297 6297 7090 5760 116 (44) 816 1044 825 1425 1059 161 166 131 201 184 153 172


Total $39512 $44299 $45020 $44318 $42151 52 (08) $5769 $6196 $3960 $5301 $5185 146 140 88 120 123 115 101

PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


17

ENERGY amp POWER


Stock Performance








ABB Ltd 47978 2070 2136 (31) (180) 2349 881 107x 108x 97x 87x 87x




Alstom SA 14280 3101 3265 (50) 141 3294 941 98x 63x 62x 58x NM

Median (21) (86) 936 112x 110x 104x 96x 100x


Ametek Inc $14287 $5372 $5141 45 (03) $5450 986 153x 141x 138x 138x 128x










Median (00) (38) 889 119x 114x 114x 105x 100x



Itron Inc 1634 3656 3575 23 25 4367 837 94x 99x 106x 97x 85x







Median 23 (472) 514 136x 134x 106x 97x 114x


PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


18

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P






ABB Ltd 37990 39336 41848 40265 38008 50 (47) 5538 5259 5636 5522 5611 146 134 135 137 148 138 140




Alstom SA 29672 26573 25971 27575 7073 (64) (478) 3009 2534 2359 2456 454 101 95 91 0 0 96 81

Total $365540 $375415 $385968 $426268 $399698 37 (50) $64986 $65957 $66912 $64394 $65983 178 176 173 151 165 160 157


Ametek Inc $2990 $3334 $3594 $4034 $4172 96 77 $722 $851 $934 $1042 $1120 242 255 260 258 268 252 262

Hubbell Inc 2872 3044 3184 3351 3540 53 54 487 535 574 589 598 170 176 180 176 169 175 175


Littelfuse Inc 665 668 758 850 867 68 70 154 141 168 189 190 231 211 221 223 220 221 221




Badger Meter Inc 263 320 334 362 394 127 86 37 57 53 60 70 141 177 158 167 178 158 168



Total $11543 $12769 $13644 $14482 $15060 91 66 $1999 $2344 $2652 $2696 $2822 173 184 194 186 187 168 172



Itron Inc 2434 2178 1949 1953 2008 (105) 15 315 265 173 165 192 129 122 89 85 96 113 90

OPOWER Inc 29 52 89 127 155 757 322 (21) (11) (12) (15) (23) (719) (218) (131) (117) (146) (356) (131)

Ameresco Inc 728 631 574 585 607 (112) 28 65 49 27 37 41 89 78 47 64 68 71 60

EnerNOC Inc 287 278 383 467 515 157 159 10 3 51 73 82 36 10 132 156 160 59 149




Total $4061 $3759 $3842 $3966 $4418 214 119 $230 $160 $113 $2 $74 57 43 29 00 17 (134) (89)

PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


19

ENERGY amp POWER


Stock Performance










KBR Inc 1216 1464 1818 (195) (482) 2842 515 133x NM NM 79x 35x

Median 06 (277) 679 115x 84x 60x 73x 62x










Median (133) (312) 654 98x 102x 79x 70x 53x

Utility Services


MasTec Inc 2496 1782 2075 (141) (581) 4480 398 95x 87x 60x 59x 51x



Median 53 (21) 858 89x 87x 73x 71x 61x

Industrial Services




Team Inc 844 3833 3907 (19) (124) 4505 851 135x 114x 101x 110x 87x




Median (19) (248) 703 111x 97x 78x 82x 67x


AECOM $9257 $3039 $2779 94 (59) $3824 795 83x 108x 191x 193x 98x





Median 09 (186) 810 126x 108x 112x 93x 88x


PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |


20

ENERGY amp POWER



2011 2012 2013 2014E 2015P 11-13 13-15P 2011 2012 2013 2014E 2015P 2011 2012 2013 2014E 2015P 11-13 13-15P








KBR Inc 9103 7770 7214 6589 6377 (110) (60) 497 361 237 161 343 55 46 33 24 54 45 37

Total $56968 $62568 $67477 $63995 $69673 110 22 $3540 $3533 $4366 $4574 $5045 62 56 65 71 72 73 79





Aecon Group Inc 2849 2897 2888 2400 2290 07 (110) 133 122 115 148 175 47 42 40 62 77 43 59





Total $17068 $20086 $20963 $21057 $24951 126 77 $1201 $1230 $1317 $1470 $1999 70 61 63 70 80 64 72

Utility Services


MasTec Inc 2831 3727 4325 4601 4981 236 73 241 331 429 425 494 85 89 99 92 99 91 97


MYR Group Inc 780 999 903 938 988 76 46 48 80 88 82 89 61 80 97 88 90 79 91

Total $8841 $11847 $13359 $15155 $16482 201 89 $728 $1162 $1378 $1473 $1765 82 98 103 97 107 93 100

Industrial Services

Bilfinger SE $10664 $11001 $11588 $9345 $8914 42 (123) $455 $600 $624 $419 $483 43 55 54 45 54 50 51

EMCOR Group Inc 5613 6347 6417 6412 6690 69 21 272 305 286 363 407 48 48 45 57 61 47 54


Team Inc 508 624 714 749 852 186 92 57 73 74 78 95 112 117 104 103 112 111 106




Total $18993 $20490 $21660 $20249 $20590 141 104 $992 $1215 $1240 $1141 $1310 52 59 57 56 64 83 78


AECOM $8037 $8218 $8153 $8038 $18062 07 488 $480 $434 $460 $481 $1075 60 53 56 60 60 56 59

Stantec Inc 1356 1559 1725 1801 1880 128 44 196 216 233 260 270 144 139 135 144 144 139 141

WSP Global Inc 641 1262 1898 2032 3269 720 313 84 110 133 218 323 130 87 70 107 99 96 92

Tetra Tech Inc 1792 2022 2025 1875 1780 63 (62) 200 208 129 210 207 111 103 64 112 116 93 97

RPS Group plc 823 903 940 840 897 69 (24) 97 113 123 123 130 118 126 131 146 145 125 141

Total $12650 $13964 $14741 $14585 $25887 197 152 $1055 $1081 $1079 $1292 $2005 83 77 73 89 77 102 106

PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



PAGE |

ENERGY amp POWER

21

SOURCES

ENERGY amp POWER


1 Capital IQ

2 MergerMarket

3 Baker Hughes






DISCLOSURES



energy & power - harris williams & co.€¦ · timcoservices has been acquired by frank’s...

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